Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ Stability leads to third day of FIG sterling issuance ◆ Rabo prints its first tier two four years ◆ BBVA completes first sterling senior bond since 2020
◆ Receptive but crowded FIG market requires concessions for funding to clear ◆ BBVA goes big with its first SP in more than two years ◆ Bawag issues first bond after PTSB acquisition
Bank issuance ranges from strategic tier one capital to insurance subsidiary funding externalisation and big senior bond offerings
◆ Issuer's joint-tightest spread since 2020 ◆ Constructive backdrop helped execution, says lead ◆ Busy primary market expected on Tuesday
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Wednesday morning’s positive tone had all but disappeared from the senior FIG market on Thursday, after Moody’s downgrading of three US banks pushed indices and cash spreads wider. Meanwhile, bankers said new issue premiums were prohibitive for FIG borrowers, with some calling for a return to government guarantee schemes for bank debt.
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A glut of Euro-denominated supply in the corporate bond market, as well as a covered bond tap from Caisse de Refinancement de l'Habitat, encouraged participants in the senior unsecured FIG market on Wednesday morning. But Europe's sovereign malaise persists, despite encouraging messages from Athens, and bankers are increasingly concerned about its effect on the region's financial institutions.
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Man Group is set to buy back $60m of a 2013 issue at a minimum spread of 230bp over US Treasuries, with details on take-up of a cash tender on a euro issue due out later on Wednesday.
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In the wake of the earlier-than-expected downgrade of Italy by Standard & Poor’s, syndicate bankers on Tuesday said many issuers were frustrated that they had not been able to pre-fund for next year because of the resulting volatility. Banks in some jurisdictions are looking to the retail market to fulfil their senior funding quotas.
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Last week’s cautious optimism was blown out of the water on Monday morning as banks took a bashing in CDS and cash markets. After a disappointing outcome from the weekend’s Ecofin meeting, bankers said a focus on day to day headlines was making execution harder than ever.
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FIG issuers have come close to tapping the senior unsecured markets but have been put off by concerns that investors are not yet ready for primary supply, said bankers on Thursday.